Mr. Brooks of Alabama
(for himself, Mr. Bachus,
Mr. Jones, and
Mr. Southerland) introduced the
following bill; which was referred to the Committee on Ways and Means

A BILL

To increase the statutory limit on the public debt by $1
trillion upon the adoption by Congress of a balanced budget Constitutional
amendment and by an additional $1 trillion upon ratification by the States of
that amendment.

1.

Short title

This Act may be cited as the
Protecting America’s Solvency Act of
2013.

2.

Increase in the
statutory limit on the public debt

(a)

Adoption

Effective
upon the adoption by the Congress of a balanced budget Constitutional amendment
with the provisions described in section 3 below, the statutory limit on the
public debt set forth in section 3101(b) of title 31, United States Code, is
increased by $1 trillion.

(b)

Ratification

Effective
upon the ratification by the States of the balanced budget Constitutional
amendment with the provisions described in section 3 below, the statutory limit
on the public debt set forth in section 3101(b) of title 31, United States
Code, is increased by an additional $1 trillion.

3.

Required
provisions of a balanced budget constitutional amendment

A balanced budget Constitutional amendment,
to comply with the requirements of section 2 above, must include the following
provisions:

(1)

Total outlays of
the United States for any fiscal year shall not exceed total receipts for that
fiscal year. Total receipts shall include all receipts of the United States
except those derived from borrowing. Total outlays shall include all outlays of
the United States except those for repayment of debt principal. The United
States shall have no fiscal year deficits except pursuant to the terms of the
amendment.

(2)

The fiscal year
deficit prohibition described herein may be suspended by a majority of the
membership of both Houses of Congress, by roll call vote, for any fiscal year
in which the United States is actively engaged in military conflict pursuant to
a war declared by Congress pursuant to article I, section 8, or may be
suspended by four-fifths of the membership of Congress, by roll call vote, for
any other fiscal year.

(3)

In any fiscal year
in which Congress does not suspend the amendment pursuant to its terms and in
which total outlays will or may exceed total receipts, the President shall take
such steps as are necessary to ensure total outlays for that fiscal year do not
exceed total receipts. The President may not order any increase in taxes or
other revenue measures to enforce the amendment. A President’s failure to
prevent a prohibited fiscal year deficit is an impeachable offense.

(4)

Any Member of
Congress and any Governor or attorney general of any State shall have standing
and a cause of action to seek judicial enforcement of the amendment. No court
of the United States or of any State may order any increase in taxes or other
revenue measures to prevent or reduce fiscal year deficits.

(5)(A)

The amendment shall be
phased-in beginning with the first fiscal year commencing six or more months
after ratification of the amendment by the States.

(B)

Within three months after
ratification, the President shall calculate the total outlays, the total
receipts, and the resulting deficit of the United States for the fiscal year in
which the amendment was ratified. This deficit is the Base
Deficit.

(C)

Fiscal year deficits shall be phased
out as follows:

(i)

The deficit for the first fiscal
year commencing 6 or more months after ratification by the States of the
amendment shall not exceed 80 percent of the Base Deficit.

(ii)

The deficit for the first fiscal
year commencing 18 or more months after ratification by the States of the
amendment shall not exceed 60 percent of the Base Deficit.

(iii)

The deficit for the first fiscal
year commencing 30 or more months after ratification by the States of the
amendment shall not exceed 40 percent of the Base Deficit.

(iv)

The deficit for the first fiscal
year commencing 42 or more months after ratification by the States of the
amendment shall not exceed 20 percent of the Base Deficit.

(v)

There shall be no deficit for any
fiscal year commencing 54 or more months after ratification by the States of
the amendment.